Business Owner Pleads Guilty to Fraud and Money Laundering Schemes

PHILADELPHIA to United States Attorney David Metcalf announced that Zaven Yeghiazaryan, 44, of Newtown, Pennsylvania, pleaded guilty before the Honorable Gerald J. Pappert to 13 counts of an indictment charging him with conspiracy, health care fraud, wire fraud, and money laundering in connection with his execution of a variety of schemes. The charges arose from the defendant’s commission of fraud offenses targeting, among others, government programs, including through the use of shell companies and false identities, between January 2020 and April 2024.

The defendant’s fraud offenses targeted two government programs which offered relief during the Covid-19 pandemic: the Small Business Administration’s Economic Injury Disaster Loan program, and the Pandemic Unemployment Assistance Program. In addition, the defendant admitted that he participated in a scheme to defraud the Medicaid program. Based upon his guilty pleas to the 13 counts, the defendant faces a maximum possible sentence of 230 years in prison, a three-year period of supervised release, and a $3,250,000 fine, restitution of $334,905 and forfeiture.

Sentencing is scheduled for September 4, 2025. The case was investigated by the Social Security Administration to Office of the Inspector General, Internal Revenue Service to Criminal Investigation, the United States Postal Inspection Service, Homeland Security Investigations, the Department of Health and Human Services to Office of Inspector General, the United States Department of Labor to Office of the Inspector General, the United States Department of Transportation to Office of the Inspector General and the State Department. It is being prosecuted by Assistant United States Attorneys Mary E.

Crawley and Special Assistant United States Attorney Megan Curran.